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The purpose of this paper is to propose reforms that would establish a credible framework of rules to constrain and guide emergency lending by the Federal Reserve and by fiscal authorities during a future financial crisis.

The authors propose a set of five overarching rules, informed by history, empirical evidence and theory, which would serve as the foundation on which detailed legislation should be constructed.

The authors find that the current framework governing emergency lending – including reforms to Federal Reserve lending enacted after the recent crisis – is inadequate and not credible, and that their proposed framework would constitute a credible balancing of costs and benefits.

Adequate assistance to financial institutions would be provided in systemic crises but would be limited in its form, and by the process that would govern its provision.

This framework would serve as a basis for establishing effective rules that would be credible, and that would properly balance the moral-hazard costs of emergency lending against the gains from avoiding systemic collapse of the financial system.

Puts the decline of the euro’s value following its introduction down to rapid US economic growth and the expansionary policies of the European Central Bank. Contrasts popular UK opposition to joining the euro with business pressure to do so, and suggests that the five stated conditions for entry have almost been met. Looks at economic conditions in other European countries and compares growth rates, unemployment, inflation and capital movements in the UK, USA and the eurozone. Outlines some views on the likely future of the euro and its effects on other currencies; and concludes that the macroeconomy of the eurozone “will bear continued watching”.

Globalisation is generally defined as the “denationalisation of clusters of political, economic, and social activities” that destabilize the ability of the sovereign State to control activities on its territory, due to the rising need to find solutions for universal problems, like the pollution of the environment, on an international level. Globalisation is a complex, forceful legal and social process that take place within an integrated whole with out regard to geographical boundaries. Globalisation thus differs from international activities, which arise between and among States, and it differs from multinational activities that occur in more than one nation‐State. This does not mean that countries are not involved in the sociolegal dynamics that those transboundary process trigger. In a sense, the movements triggered by global processes promote greater economic interdependence among countries. Globalisation can be traced back to the depression preceding World War II and globalisation at that time included spreading of the capitalist economic system as a means of getting access to extended markets. The first step was to create sufficient export surplus to maintain full employment in the capitalist world and secondly establishing a globalized economy where the planet would be united in peace and wealth. The idea of interdependence among quite separate and distinct countries is a very important part of talks on globalisation and a significant side of today’s global political economy.

Is suing the international criminal the same as or different from suing the domestic criminal? The question assumes at least part of the answer. Many of the practical problems are readily apparent. There is the problem with obtaining legal jurisdicton over the malefactor's person and assets, the problem of finding both, and, of course, the prohibitive expense of an international litigation. Each country has its own procedural and substantive idiosyncracies, resulting in an uphill battle for any international litigant. But there are more subtle queries to be answered.

Recognizes the inherent conflict between multinationals’ (MNEs’) need to respond to local markets while using global integration to achieve economies of scale; and outlines relevant research from the fields of both economic and organizational theory. Criticizes the process approach based on normative theory and suggests that loose coupling theory is a more practical way of looking at MNEs. Discusses the application of these ideas to their management and identifies seven behavioural characteristics of loosely coupled systems (Weick). Links these to Doz and Prahalad’s (1991) criteria for assessing the applicability of organizational theory to MNEs. Considers the research implications and believes that MNE organization will eventually be seen, not as a special case, but as a general model.

President, Charles S. Goldman, M.P.; Chairman, Charles Bathurst, M.P.; Vice‐Presidents: Christopher Addison, M.D., M.P., Waldorf Astor, M.P., Charles Bathurst, M.P., Hilaire Belloc, Ralph D. Blumenfeld, Lord Blyth, J.P., Colonel Charles E. Cassal, V.D., F.I.C., the Bishop of Chichester, Sir Arthur H. Church, K.C.V.O., M.A., D.Sc., F.R.S., Sir Wm. Earnshaw Cooper, C.I.E., E. Crawshay‐Williams, M.P., Sir Anderson Critchett, Bart., C.V.O., F.R.C.S.E., William Ewart, M.D., F.R.C.P., Lieut.‐Colonel Sir Joseph Fayrer, Bart., M.A., M.D., Sir Alfred D. Fripp, K.C.V.O., C.B., M.B., M.S., Sir Harold Harmsworth, Bart., Arnold F. Hills, Sir Victor Horsley, M.D., F.R.C.S., F.R.S., O. Gutekunst, Sir H. Seymour King, K.C.I.E., M.A., the Duke of Manchester, P.C., Professor Sir Wm. Osler, Bart., M.D., F.R.S., Sir Gilbert Parker, D.C.L., M.P., Sir Wm. Ramsay, K.C.B., LL.D., M.D., F.R.S., Harrington Sainsbury, M.D., F.R.C.P., W. G. Savage, M.D., B.Sc., R. H. Scanes Spicer, M.D., M.R.C.S., the Hon. Lionel Walrond, M.P., Hugh Walsham, M.D., F.R.C.P., Harvey W. Wiley, M.D., Evelyn Wrench.